Charlesland Neighbouring Centre, Greystones, Co. Wicklow

Sold

Charlesland Neighbouring Centre, Greystones, Co. Wicklow

For Sale by Private Treaty (Tenant not affected)

Modern Neighbourhood Centre situated in an affluent commuter town
Active housing development and zoned residential land in the immediate vicinity
Excellent road and rail infrastructure provides platform for continuing population growth
Weighted average unexpired lease term of 10.94 years offering secure income
Significant asset management opportunities to enhance returns

Location

Charlesland Neighbourhood Centre is located in the affluent and established commuter town of Greystones approximately 50 kms south of Dublin City Centre.
Greystones boasts a catchment population of 23,927 according to the preliminary 2016 Census results, representing a 5.9% increase on the previous census in 2011 which is considerably higher than the national average. Greystones has seen substantial residential growth over the past decade with the majority of this taking place south of the town in Charlesland and adjoining Eden Gate estates which collectively accommodate approx. 1,900 residential units (4,574 people). The surrounding area has excellent infrastructure and is earmarked for significant additional residential development.
There are approximately 18.62 ha (46.7 acres) of undeveloped residential zoned land in Charlesland. Having recently being granted permission from WCC, Cairn Plc are expected to commence construction shortly to build an estimated 450 homes on these lands. In addition to this there are plans for a primary and post primary secondary schools on adjacent lands.
The scheme enjoys a prominent position just off the Outer Ring Road approximately 2 kms south of Greystones village and 3kms from Junction 11 of the N11.

Description

The Charlesland Neighbourhood Centre comprises a modern mixed use development spread across two buildings with a common central service yard.

The main block of the scheme comprises a single-storey double height building accommodating a 1,032 sq m SuperValu store, Health Express Pharmacy and a café.

Alongside Block 1 is a three storey mixed use building with retail units at ground floor and quasi office accommodation on the upper floors. The majority of the ground floor is occupied by tenants including Charlesland Medical Centre, Boyle Sports, Pizza Hut Takeaway with terms agreed on the last remaining unit.

A pilates studio and medical centre are located on the upper floors with some vacant suites providing an investor with significant asset management opportunities to enhance returns.

There is also a standalone 1,340 sq m 3 storey pub/ leisure block being sold with the benefit of full vacant possession. This block could be adapted to a wide variety of uses subject to planning permission.

Parking

There are over 250 car parking spaces available in Charlesland. Surface spaces are located around the circumference of the development with further spaces provided on the upper ground floor adjacent to SuperValu. There are additional spaces at lower ground floor, however these are currently not in use.

Planning

The property is zoned ‘NC Neighbourhood Centre’ under the Adopted Greystones, Delgany and Kilcoole Local Area Plan 2013 – 2019.

‘To protect, provide for, and improve a mix of neighbourhood centre services and facilities, which provide for the day-to-day needs of the local community’.

The Charlesland Area Action Plan under the LAP identifies a 29 ha (71.66 acres) site which is earmarked for significant development including;

• 16ha (39.54 acres) for residential use
• 1.6ha (3.95 acres) for a new primary school
• 4.86ha (12.01 acres) for a new post primary school
• 6.61ha (16.33 acres) for employment uses
• Site for a new Garda station
• Community Centre of approx. 8,000 sq.m

Tenancy

Unit	Trading As	Lease Term	Lease Start Date	Break Option	Lease Expiry	Contract Rent	Passing Rent
Ground Floor
Unit 3	Carlesland Medical Centre	10 Years	01/04/2010	Expired	31/03/2020	€20,100	20,100
Unit 4	Terms Agreed	10 Years	TBC	End Year 2	TBC	€25,000	25,000
Unit 5	Pizza Hut	4 Years	01/05/2015	None	01/05/2019	€17,000	17,000
Unit 6	Boyle Sports	25 Years	02/02/2005	None	02/02/2030	€46,500	46,500
Unit 12	Tiger Nut Café	1 Year	28/07/2016	None	28/07/2017	€12,000	€8,240*
Unit 13 & 14	Health Express	25 Years	28/08/2004	None	28/08/2029	€218,271	€100,000**
Unit 15	SuperValu	25 Years	30/09/2004	None	30/09/2029	€240,000	€240,000
ATM	Ulster Bank	9.75 Years	17/11/2007	None	16/08/2017	€5,000	€5,000
First Floor
Unit 16	Dr. Paul Murphy	15 Years	TBC	End Year 7	TBC	€20,640	€20,640***
Second Floor
Unit 10	Thrive Pilates	5 Years	29/06/2015	29/06/2017	28/06/2020	€9,000	€9,000
Roof
Mast	Meteor	20 Years	10/06/2010	None	10/06/2030	€15,000	€15,000
Totals						€628,511	€506,480

*Café rent is inclusive of service charge and insurance which is €3,760 for 2016/2017. Tenant has the option to renew the license for a further 12 months at €14,000 (exclusive of service charge and insurance).

**Pharmacy rent is abated to €100,000 pa from 01/01/2016 Under the terms of the abatement the tenant has agreed to pay arrears of €155,000.67 in monthly installments over a 3 year period. Thus the total rent receivable is €151,666.89 pa until 01/01/2019.

***Agreed lease commencement date 01/12/2016

Title

Freehold / Long Leasehold

VAT

To be confirmed

Dataroom

A data room containing legal documents and background information is available. Access to the data room is restricted.
Please contact Bannon or log onto www.charleslandneighbourhoodcentre.com to request access.

Proposal

We are guiding €4,900,000 (Four million nine hundred thousand euro) representing Net Initial Yield of 10% and an Net Operational Income (income after irrecoverable’s such as service charge on vacant units) Yield of 9% after standard acquisition costs.

Viewings

Strictly by appointment through the sole selling agent.

BER